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The information is for educational purposes only and does not constitute legal, tax, or financial advice. For specific advice, consult a licensed attorney or CPA. The content is copyright protected and cannot be redistributed without consent. An Operating Agreement is a document among LLC members outlining financial and operational management. It is internal and does not need to be filed with the State, but should be kept with business records. The agreement specifies the members, their ownership percentages (membership interests), and management structure, as well as tax responsibilities related to the LLC.